CO-JOINT: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CO-JOINT
Largest movements
- Cash +€59,883
up €59,883 (+50.4%), from €118,731 to €178,614
mainly Depreciation (+€111,130) and Receivables within one year (+€54,951)
- Receivables within one year -€54,951
down €54,951 (-7.8%), from €702,450 to €647,499
- Tangible fixed assets -€25,960
down €25,960 (-9.4%), from €275,001 to €249,041
of which Plant, machinery and equipment: -€43,407
- Debts after one year -€35,795
down €35,795 (-16.8%), from €212,703 to €176,908
- Trade debts -€30,325
down €30,325 (-7.5%), from €404,762 to €374,437
- Profit (loss) carried forward +€29,285
up €29,285 (+14.2%), from €206,517 to €235,801
- Financial charges -€110,107
down €110,107 (-76.7%), from €143,585 to €33,478
of which Financial charges: -€108,674
- Gross operating margin -€38,725
down €38,725 (-4.8%), from €805,632 to €766,906
- Staff costs +€35,473
up €35,473 (+6.7%), from €533,202 to €568,675
- Other operating charges +€13,794
new in 2025: €13,794
- Provisions -€13,730
no longer reported in 2025 (was €13,730)
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,913,837 | €1,878,713 | -€35,125 | -1.8% |
| Fixed assets | 21/28 | €275,001 | €249,041 | -€25,960 | -9.4% |
| Tangible fixed assets | 22/27 | €275,001 | €249,041 | -€25,960 | -9.4% |
| Land and buildings | 22 | €87,912 | €114,015 | +€26,103 | +29.7% |
| Plant, machinery and equipment | 23 | €137,362 | €93,956 | -€43,407 | -31.6% |
| Furniture and vehicles | 24 | €49,727 | €41,070 | -€8,657 | -17.4% |
| Current assets | 29/58 | €1,638,836 | €1,629,672 | -€9,164 | -0.6% |
| Stocks and contracts in progress | 3 | €817,656 | €803,559 | -€14,097 | -1.7% |
| Stocks | 30/36 | €817,656 | €803,559 | -€14,097 | -1.7% |
| Amounts receivable within one year | 40/41 | €702,450 | €647,499 | -€54,951 | -7.8% |
| Trade receivables | 40 | €702,450 | €647,499 | -€54,951 | -7.8% |
| Cash at bank and in hand | 54/58 | €118,731 | €178,614 | +€59,883 | +50.4% |
| Total equity and liabilities | 10/49 | €1,913,837 | €1,878,713 | -€35,125 | -1.8% |
| Equity | 10/15 | €677,217 | €708,501 | +€31,285 | +4.6% |
| Contributions | 10/11 | €440,200 | €440,200 | = | 0.0% |
| Capital | 10 | €440,200 | €440,200 | = | 0.0% |
| Issued capital | 100 | €440,200 | €440,200 | = | 0.0% |
| Reserves | 13 | €30,500 | €32,500 | +€2,000 | +6.6% |
| Non-distributable reserves | 130/1 | €30,500 | €32,500 | +€2,000 | +6.6% |
| Legal reserve | 130 | €30,500 | €32,500 | +€2,000 | +6.6% |
| Profit (loss) carried forward | 14 | €206,517 | €235,801 | +€29,285 | +14.2% |
| Amounts payable | 17/49 | €1,236,621 | €1,170,211 | -€66,409 | -5.4% |
| Amounts payable after more than one year | 17 | €212,703 | €176,908 | -€35,795 | -16.8% |
| Financial debts | 170/4 | €212,703 | €176,908 | -€35,795 | -16.8% |
| Amounts payable within one year | 42/48 | €1,023,918 | €993,303 | -€30,614 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €107,358 | €110,747 | +€3,389 | +3.2% |
| Financial debts | 43 | €250,000 | €250,000 | = | 0.0% |
| Credit institutions | 430/8 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €404,762 | €374,437 | -€30,325 | -7.5% |
| Suppliers | 440/4 | €404,762 | €374,437 | -€30,325 | -7.5% |
| Taxes, remuneration and social security | 45 | €104,101 | €98,552 | -€5,549 | -5.3% |
| Remuneration and social security | 454/9 | €104,101 | €98,552 | -€5,549 | -5.3% |
| Other amounts payable | 47/48 | €157,697 | €159,567 | +€1,871 | +1.2% |
| Remuneration, social security and pensions | 62 | €533,202 | €568,675 | +€35,473 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,479 | €111,130 | +€13,651 | +14.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€202 | -€1,197 | -€995 | -493.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €13,730 | - | -€13,730 | |
| Other operating charges | 640/8 | - | €13,794 | +€13,794 | |
| Gross operating margin | 9900 | €805,632 | €766,906 | -€38,725 | -4.8% |
| Operating profit (loss) | 9901 | €161,422 | €74,504 | -€86,919 | -53.8% |
| Financial income | 75/76B | €545 | €651 | +€106 | +19.5% |
| Recurring financial income | 75 | €545 | €651 | +€106 | +19.5% |
| Financial charges | 65/66B | €143,585 | €33,478 | -€110,107 | -76.7% |
| Recurring financial charges | 65 | €141,026 | €32,353 | -€108,674 | -77.1% |
| Non-recurring financial charges | 66B | €2,559 | €1,125 | -€1,434 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €18,381 | €41,677 | +€23,295 | +126.7% |
| Income taxes | 67/77 | €17,317 | €10,392 | -€6,925 | -40.0% |
| Profit (loss) for the period | 9904 | €1,065 | €31,285 | +€30,220 | +2837.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,065 | €31,285 | +€30,220 | +2837.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.